South Africa's Umbono Capital hires TFS SP team

South Africa’s Umbono Capital has hired a seven-strong structured products team from Traditional Financial Services (TFS) for its new stock broking arm, Umbono Securities, which will focus on quantitative, absolute return and hedge fund technologies. The business hopes to become operational by June.Deslin Naidoo, who headed up the TFS division, becomes managing director of Umbono Securities. "The asset management sector is evolving at an incredible pace with an increased focus on risk management